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As part of the global GCV Keystone benchmarking survey, and with support from the Brazilian Association of Private Equity and Venture Capital (ABVCAP) and ApexBrasil, we conducted a special focus analysis of Brazilian corporate venturing units, with responses from 31 corporate investors. Brazilian CVCs constitute the biggest community in Latin America and are the largest group in the Keystone LATAM data set.
The 2026 data show evidence of the maturation of the Brazilian CVC market. Despite some closures, there are now more expansion-stage programmes run by smaller, more experienced (often outsourced CVC-as-a-service) teams managing slightly larger funds, placing more emphasis on financial accountability and receiving fund-based performance rewards. Venture building is a mainstream component of the CV toolkit in Brazil.
CVC’s influence in VC ecosystem
14.2%
of Brazilian VC funding rounds include CVCs, participating in deals representing 25% of total value
CVC community maturity
60%
of Brazilian CVCs are less than three years old, 40% are in ‘expansion phase’
CVC fund size
64%
have assets under management (AUM) of less than $50m, but 91% still manage less than $100m
CVC role in corporate innovation
52%
rate supporting the current business (Horizon 1) as the top priority
Corporate venturing toolkit
42%
include venture building, with venture client programmes falling from 53% to 34%
CVC operating model
60%
invest as ‘independent entities’, with 41% set up with GP/LP structures
Geographic investment focus
41%
invest in the US and Canada and 34% in Europe, in addition to Latin America, slightly down from 2025
Financial performance targets
65%
are expected to deliver VC level or top-quartile performance (up from 48% in 2025)
Team size and structure
87%
have teams of less than five. 43% have an average of less than five years of experience on the team
CVC compensation levers
25%
have financial upside programmes (‘carry’) and 13% award ad hoc ‘spot bonuses’
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